Broadcom Inc. (NASDAQ:AVGO) Holdings Lifted by Heritage Wealth Management Inc. CA

Heritage Wealth Management Inc. CA grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,155.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,694 shares of the semiconductor manufacturer's stock after acquiring an additional 17,205 shares during the period. Broadcom comprises approximately 2.4% of Heritage Wealth Management Inc. CA's holdings, making the stock its 10th largest position. Heritage Wealth Management Inc. CA's holdings in Broadcom were worth $3,130,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of AVGO. Sunbeam Capital Management LLC purchased a new stake in Broadcom in the 4th quarter worth $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom during the 4th quarter valued at about $30,000. Sellwood Investment Partners LLC bought a new position in Broadcom in the 4th quarter worth about $32,000. Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom in the 1st quarter worth about $25,000. Finally, Inlight Wealth Management LLC bought a new position in Broadcom in the 1st quarter worth about $26,000. Institutional investors own 76.43% of the company's stock.

Insider Activity at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the sale, the chief financial officer directly owned 325,587 shares in the company, valued at $85,066,115.49. This represents a 10.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Hock E. Tan sold 40,000 shares of the stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the sale, the chief executive officer owned 482,836 shares in the company, valued at approximately $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 829,716 shares of company stock worth $216,933,761 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Trading Down 0.2%

Shares of Broadcom stock traded down $0.60 on Friday, reaching $274.80. The company had a trading volume of 9,301,705 shares, compared to its average volume of 28,204,470. The firm's 50 day moving average price is $245.29 and its two-hundred day moving average price is $218.63. The firm has a market cap of $1.29 trillion, a PE ratio of 102.94, a PEG ratio of 1.98 and a beta of 1.12. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $281.18. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business's revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm earned $10.96 EPS. Sell-side analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has approved a share buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Citigroup upped their price target on shares of Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research report on Monday. Wells Fargo & Company raised their target price on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research note on Friday, June 6th. Wall Street Zen upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Benchmark raised their target price on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Finally, HSBC upgraded shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a research note on Tuesday, June 24th. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Broadcom has a consensus rating of "Buy" and a consensus price target of $290.21.

About Broadcom

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.